Staff are set to lose their jobs with Lloyds Bank International after part of the business was bought by investment management firm, Brooks Macdonald, in a deal worth nearly £10million.

It is understood employees based in the Channel Islands will bear the brunt of the total estimated 80 job losses, while fewer than 10 will be affected in the Isle of Man.

The news is not expected to impact upon the bank’s plans to move to the Villiers Building, on the corner of Victoria Street and Loch Promenade, early next year. The site was bought by the Tevir Group, which also owns the Castle Mona Hotel, in 2018.

The banking giant employs more than 400 staff in the Isle of Man and the move to the new base is seen as important for the future plans of the business.

A spokesman for Lloyds Banking Group told the Courier: ’Regrettably change does require difficult decisions and as a result of this sale, there will be approximately 80 role reductions across various teams based in the islands.

’We have committed to support colleagues at this time and no colleague will be required to leave before the end of the year.

’We continue to be fully committed to the islands, where we have more than colleagues, and our teams in the Isle of Man, Jersey, Guernsey, and Alderney will continue to focus on meeting the banking needs of more than 330,000 customers based in the island and worldwide.’

He added that the sale of its funds and portfolio investment business to Brooks Macdonald came about as part of a ’strategic review’.

’Ensuring our customers, who are invested in portfolios and funds as shareholders, continue to receive high-quality support was our primary consideration when selecting Brooks Macdonald as the purchaser of the business.

’Brooks Macdonald is focused in this sector and has plans to further invest in its business, products and services.’ The sale is subject to regulatory approval.